Japanese banks will use Ripple technology at the joint service application. The top three banks of test a distributed registry on the blockchain includes SBI Sumishin Netbank, Suruga Bank, and Resona Bank member Consortium of Japanese banks (JBC). In the announcement published by the Ripple itself, it is reported that the app will be called MoneyTap and will be available this fall.
The main purpose of the application — unlimited daily payments and transactions within the country. All the customer has to authorize the procedure using the account number, a phone number or a QR code. The meaning of the initiative is to bring technology of instant translation to the mass market. Now banks carried out the first tests MoneyTap. In the future, the JBC plans to expand the service by connecting the 61 member banks of the consortium.
The announcement of the Ripple indicates that SBI Ripple Asia (a joint venture of the Japanese Finance Corporation SBI Holding’s and Ripple) leads to simultaneous work in two directions. Earlier it became known that SBI Ripple Asia conducts testing of technology for distributed registry for transfers between banks of Japan and South Korea. At the time of this writing, the latest Bank to join the experiment, has become the South Korean Woori Bank.